CLARA
analytics (“CLARA”), the leading provider of artificial intelligence
(AI) technology in the commercial insurance industry, today announced an
advanced AI-based toolkit to assist risk managers in evaluating an
entire claim population’s performance, understanding the underlying
costs that affect a group of claims and predicting trends that could
have a negative impact in the future. The new Risk
Management Toolkit is part of the CLARA
claims product, which utilizes AI to help adjusters better manage
claims in real time and identify at-risk claims before they escalate.
The Risk Management Toolkit is unique in that it leverages a variety of
machine learning and natural language processing techniques to analyze
both structured and unstructured data, such as observations mined from
claim notes, medical records, images and other documents. Incorporating
unstructured data into AI models results in more accurate and detailed
analysis that can inform decision-making and reduce the severity and
frequency of claims.
Risk managers can use the toolkit to conduct on-demand analysis that
identifies the factors driving claim complexity and attorney
involvement. They can also review the providers and attorneys that
affect costs within a group of claims to ascertain their macro impact
versus what happens in a single claim. Analysis is based on the
predicted complexity of claims and is case-mix adjusted to offer a more
precise and in-depth look than the average severity and frequency levels
commonly found today.
“Risk management has always been constrained — by time and by the types
of data that could be analyzed,” said Rohit Nair, product manager at
CLARA analytics. “We’re changing this today, supplementing traditional
trend analysis with AI and machine learning to pull out the gold nuggets
from claim portfolios that signal adverse trends. This new holistic view
empowers risk managers to efficiently address underlying costs.”
Because the new tool tracks trends over time, it is able to rapidly
identify potential high-severity claims. Machine learning-based alerts
are triggered when adverse trends occur so that claims teams can make
necessary adjustments. Users do not have to wait for alerts to get an
accurate read on what’s happening with a group of claims or to see the
big picture. They can easily create custom dashboard views with
extensive filters to generate reports to guide decisions based on
up-to-the-minute data.
CLARA analytics will showcase the Risk Management Toolkit in Booth 1304
at RIMS
2019, being held April 28-May 1 at the Boston Convention and
Exhibition Center. Additionally, CLARA analytics Founder and CEO Jayant
Lakshmikanthan will discuss the changes that AI brings to the insurance
industry in his session “Demystifying AI in Commercial Insurance,” on
Tuesday, April 30, at 3:00 p.m. in the Innovation Hub-Booth 1099.
The Risk Management Toolkit is available today as part of CLARA claims.
To learn more, please visit info.claraanalytics.com/data-sheet-rmt.
About CLARA analytics
CLARA
analytics improves claims outcomes in commercial insurance with
easy-to-use artificial intelligence (AI)-based products. CLARA’s suite
helps claims teams reduce various sources of loss costs in claims
handling by keeping claims on track throughout their life cycle. The
suite uses the latest in AI and machine learning (ML) technology and can
integrate easily into any workflow or infrastructure to rapidly start
showing value. CLARA’s customers include companies from the top 25
insurance carriers to small, self-insured organizations. CLARA analytics
was founded in 2015 and is headquartered in Silicon Valley in
California. For more information, visit www.claraanalytics.com,
and follow CLARA analytics on LinkedIn
and Twitter.
CLARA claims, CLARA litigation and CLARA providers are trademarks of
CLARA analytics. All other brand names and solution names are trademarks
or registered trademarks of their respective companies.
Tags: CLARA analytics, artificial intelligence, AI, machine learning,
commercial insurance, workers’ compensation, RIMS2019, workers’ comp,
insuretech, claims, litigation, predictive analytics, risk management,
data science
View source version on businesswire.com: https://www.businesswire.com/news/home/20190423005383/en/